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2024 Smart Locks Market Report : Market Size, Growth Drivers, And Key Trends | Allegion PLC, Assa Abloy AB., August Home., Cansec Systems Ltd., Dorma + Kaba Holding AG., Gantner Electronic GmbH
Smart Locks Global Market Report 2024
The smart locks market size is expected to see rapid growth in the next few years. It will grow to $4.6 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to government initiatives and regulations, expansion of e-commerce and online sales, integration with smart building solutions, focus on energy efficiency and sustainability, growing interest in smart access control for businesses.. Major trends in the forecast period include customization and aesthetics, energy-efficient design considerations, smart locks for rental properties, focus on user-friendly installation, biometric authentication advancements..
Market Overview -
Smart locks refer to a mechanical and electrical lock that may be opened wirelessly with authentication from authorized users by connecting to the home's Wi-Fi network, which allows it to receive the code or smartphone command to lock or unlock to enhance security.
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Residential And Commercial Projects Fuel Smart Lock Market
An increase in the number of residential and commercial projects is expected to propel the growth of the smart locks market going forward. Residential projects refer to the buildings that are used for residential purposes and commercial projects refer to the buildings that are lent for business purposes. Smart locks are adopted by both commercial and residential projects as they provide safety by using different technologies. For instance, according to the Office of National Statistics, a UK-based government department, the monthly construction output increased by 3.5% in volume in November 2021. In addition, according to Invest India, an India-based national investment promotion and facilitation agency, the construction industry in India is expected to reach $1.4 trillion by 2025. Therefore, the increase in the number of residential and commercial projects is driving the smart locks market growth.
Competitive Landscape -
Major companies operating in the smart locks market report are Allegion PLC, Assa Abloy AB., August Home., Cansec Systems Ltd., Dorma + Kaba Holding AG., Gantner Electronic GmbH., HAVENLock., Honeywell International Inc., Master Lock Company LLC., Onity Inc., Salto Systems., Samsung Electronics Co., Ltd., Schlage., Spectrum Brands Holdings, Inc., UniKey Technologies Inc., U-tec Group Inc., Vivint Inc., Avent Security., Goji., SDS Smart Locks., Mul-T-Lock., Panasonic Corporation., Guangdong Be-Tech Security Systems., DESSMANN., The Chamberlain Group, Inc., Kaadas., Kwikset., Techlicious LLC., Godrej Group., Adel Marketing (M) Sdn. Bhd.
Technological Advancements Reshape The Smart Lock Market
Technological advancements are a key trend gaining popularity in the smart lock market. Major companies operating in the smart lock sector are focused on developing new technological solutions to meet consumer demand. For instance, in November 2022, Yale Home India, an India-based digital lock manufacturing company, launched the Yale YDM7220 BioSecure based on ioSecure technology. The Yale YDM7220 BioSecure is a smart lock system equipped with advanced technology that ensures that every touchpoint in your home receives regular cleaning and sanitization to reduce microbial contamination and the spread of diseases.
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Key Segments -
The smart locks market covered in this report is segmented -
1) By Product: Deadbolts, Commercial, Padlocks, Other Products
2) By Communication Technology: Wi-Fi, Bluetooth, Zigbee, Z-Wave
3) By Authentication Method: Biometric, Pin Code, RFID Cards
4) By Application: Residential, Hospitality, Enterprise, Critical Infrastructure, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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